New York: Indian stocks trading on American bourses added $6 billion to their cumulative market capitalization (m-cap) last week, with IT icon Wipro and private sector lender HDFC Bank accounting half of the total gains.
For the week ended 14 May, 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $6 billion to their m-cap, Wipro and HDFC Bank together added $2.96 billion to the total valuation.
Wipro’s valuation surged by $1.8 billion to $31.63 billion, while the m-cap of HDFC Bank increased by $1.16 billion to $22.22 billion.
HDFC Bank is followed by IT bellwether Infosys Technologies, whose m-cap jumped by $793 million to $33.04 billion.
Further, pharma major Dr Reddy’s Laboratories’ valuations rose by $469 million to $4.74 billion, while that of another private sector lender ICICI Bank grew by $457 million to $21.83 billion.
Out of 16 companies trading as American Depository Receipts, four firms -- internet firm Reddif.com, BPO company WNS Holdings, and telecom majors Tata Communications and Mahanagar Telephone Nigam Ltd -- have witnessed an erosion of $76 million to their market capitalization.
ADRs are bought and sold on US markets just like stocks and are issued by a bank or a brokerage firm.
Auto maker Tata Motors too saw its market capitalization rising by $414 million to $8.33 billion.
Besides, the valuation of IT firm Patni Computer Systems, outsourcing firm Genpact and Mahindra Satyam increased by $192 million, $186 million and $182 million, respectively.
Other ADR gainers -- Internet company Sify Technologies, BPO firm EXL Service Holding and copper producer Sterlite Industries’ m-cap increased in the range of $4 million to $92 million.
On Friday, the US markets ended in red, with Dow Jones Industrial Average ending, down 162.79 points, at 10,620.16 and the S&P 500 settling down 21.75 points to 1,135.68. Besides, tech heavy Nasdaq was down 47.51 points at 2,346.85.